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From "Dayna Harp (JIRA)" <j...@apache.org>
Subject [jira] [Updated] (FINERACT-38) Period Close feature where inc & exp booked to retained earnings account
Date Fri, 19 Feb 2016 19:41:18 GMT

     [ https://issues.apache.org/jira/browse/FINERACT-38?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
]

Dayna Harp updated FINERACT-38:
-------------------------------
    Description: 
https://mifosforge.jira.com/browse/MIFOSX-2337 
Relates to:  https://mifosforge.jira.com/browse/MIFOSX-2288 (see attachments and narrative)

financial year end to be user definable and to have the full effect of closing off the year
with initialization of the profit and loss account. Year end process should be run as/when
the institution is ready to close their books and may not necessarily happen exactly 

Musoni is implementing and sharing the following:

Ability to close a financial year from an accounting perspective (booking off income and expense
accounts against your retained earnings equity account).  The high-level spec of this feature
is:
* When a user performs a financial close period (existing feature) we have added various parameters
to the call that allow you to also book off the income and expenses generated in that period.
* Once you submit this request the various balances will be pulled out and the difference
between all expenses and income accounts will be booked off against a (specified) equity account.
* The journal entry that is generated to perform this booking will be stored with the close
period so that it can be reversed again if a close period is reopened.
* There is a preview/template API endpoint that allows you to preview the booking that is
going to be performed

  was:
https://mifosforge.jira.com/browse/MIFOSX-2337 
Relates to:  https://mifosforge.jira.com/browse/MIFOSX-2288

financial year end to be user definable and to have the full effect of closing off the year
with initialization of the profit and loss account. Year end process should be run as/when
the institution is ready to close their books and may not necessarily happen exactly 

Musoni is implementing and sharing the following:

Ability to close a financial year from an accounting perspective (booking off income and expense
accounts against your retained earnings equity account).  The high-level spec of this feature
is:
* When a user performs a financial close period (existing feature) we have added various parameters
to the call that allow you to also book off the income and expenses generated in that period.
* Once you submit this request the various balances will be pulled out and the difference
between all expenses and income accounts will be booked off against a (specified) equity account.
* The journal entry that is generated to perform this booking will be stored with the close
period so that it can be reversed again if a close period is reopened.
* There is a preview/template API endpoint that allows you to preview the booking that is
going to be performed


> Period Close feature where inc & exp booked to retained earnings account
> ------------------------------------------------------------------------
>
>                 Key: FINERACT-38
>                 URL: https://issues.apache.org/jira/browse/FINERACT-38
>             Project: Apache Fineract
>          Issue Type: Improvement
>          Components: Accounting
>            Reporter: Dayna Harp
>            Assignee: Markus Geiss
>
> https://mifosforge.jira.com/browse/MIFOSX-2337 
> Relates to:  https://mifosforge.jira.com/browse/MIFOSX-2288 (see attachments and narrative)
> financial year end to be user definable and to have the full effect of closing off the
year with initialization of the profit and loss account. Year end process should be run as/when
the institution is ready to close their books and may not necessarily happen exactly 
> Musoni is implementing and sharing the following:
> Ability to close a financial year from an accounting perspective (booking off income
and expense accounts against your retained earnings equity account).  The high-level spec
of this feature is:
> * When a user performs a financial close period (existing feature) we have added various
parameters to the call that allow you to also book off the income and expenses generated in
that period.
> * Once you submit this request the various balances will be pulled out and the difference
between all expenses and income accounts will be booked off against a (specified) equity account.
> * The journal entry that is generated to perform this booking will be stored with the
close period so that it can be reversed again if a close period is reopened.
> * There is a preview/template API endpoint that allows you to preview the booking that
is going to be performed



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